Piper has more conviction in Pinterest ad product improvements after checks

Piper Sandler says the firm has more conviction in Pinterest’s ad product improvements following September ad checks that showed outbound clicks in September grew over twice month-over-month while cost per click was down about 60% month-over-month. The firm, which thinks improvements are tied to the new Direct Links format discussed at the company’s analyst day, keeps an Overweight rating and $35 price target on Pinterest shares.